'sright. and,again, i say raisethedebtceilingandthen for the president to make spending cuts and follow through on the sequester. many conservatives including my good friend coke brothers free market folks agree with me. a new team of conservatives say threatening the president with a default is the only way to make progress. they are totally wrong and we'll debate it. also don't look now but the economy got pretty good double dose of good news today, increased manufacturing and reduced inflation all looks pretty bullish. first up former republican congressman joe scarborough wants to remake the gop and in his latest op-ed he says now is the party's time to choose it's path for the future. all right. here now is my friend joe scarborough, host of msnbc's "morning joe." joe, you know what i like? i like the editorial but i like the tone. republican party's stand pat is going nowhere. let's start with your quote of my former friend and boss william f. buckley you should vote for the mo mos lectable conservative. >> no doubt about it. we made so many mistakes, self inflicted wou

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. it's not happening. neil: the test will bethedebtceilingfight.>>you'reright. neil:four to five weeks out, the exsense of the sequestering cuts, and what they do with that, but i don't see anything encouraging in republicans' behavior leading me to believe they'll risk another fight with the president. >> i disagree. we're in a stronger position. missing call cliff, if nothing happens, president obama and the democrats got a tax hike. you know, inertia was against us at that point, but nos -- now it's a fight of more spending, and we're not about to give that to them. they need signing off on the -- neil: we'll see. i mean, republicans kind of folded like cheap suits on that. i don't care on the left or right, where you are, but it was 40-1 tax hikes over spending cuts. what balances that? 20-1? >> it was not enough -- it's -- i disagree that the bottom 98% of the income distribution is getting over taxed. they are getting complex tax. there's a lot of work to get the rate down to nothing. neil: you're for screwing us more? >> simple higher level without -- neil: there y

simpson. can you trust governments to get thenumbersright? thefightoverthedebtceilingisin full force. as democratdemocrats propose a o eliminate it completely and the ratings have come out with two scenarios in which it was downgraded the u.s. credit rating. not good news. some republicans are relishing the debt ceiling does indeed have to be raised. joining us now, ihs chief economist and we appreciate you being here. is this fight we are about to have necessary, and what is going to happen to whether it is the global market, 401(k), what will happen to all of us if congress passes this fight? >> this is not a necessary fight. this situation created by congress which sent the debt ceilinfrom years ago in hopes it would impose some discipline but of course it hasn't because it has been raised and raised and raised and now it is a source of a contentious debate that is still raised, and so it is unnecessary. what we need to do in the u.s. is for the two sides to get together to come up with a comprehensive debt and deficit reduction plan. the debt ceiling and all around it doesn

the government running. they only have about 4-6 weeks left before the nation hits thenationaldebtceiling. republicansare calling for budge cuts in return for raising the debt ceiling, but president obama came out swinging during his news conference on monday claiming he's already gone a long way toward closing the budget gap. joining us now to fact check some of his statements, stephen hayes, a senior writer for the weekly standard and a fox news contributor, douglas holtz-eakin is now president of the american action forum. just as a general rule, steven, when you heard the president speaking in that news conference, was he generally being honest with the american people about the state of our finances? >> well, i would say there were some things he said that were true, some things that he said that were, i think, misleading. importantly, he didn't put into proper context the discussion that we're having nationally about the debt ceiling and about the state of our finances more broadly. if you look at where we are, more than $16 trillion in debt, the president is right when he says tha

and consequences of them coming up. there isthedebtceilingtohave to deal with, there is government spending that expires in march and those automatic spending cuts, sequestration is supposed to hit the federal budget. and right now it appears a strategy that republicans are beginning to coalesce around, perhaps a short-term debt ceiling increase, pass that through the house with spending cuts, deal with the other elements of government spending and then set up a protracted argument or debate over the debt ceiling going forward. as republicans say, when it comes to their strategy, cutting spending is imperative. melissa: there's no celebration the fact we're a nation of $16 trillion in debt and you have someone in the white house that says to do the one thing that makes absolutely no sense whatsoever, and that is raise the debt ceiling with no change in the future? that is actually an absurd argument i don't think any householder in a state run well operates like that. >> house budget committee chairman spoke to reporters a short while ago saying this to work in the strategies on all this tr

's capital, the debate overthedebtceilingsortof now taking abackseatrightnowto a lot of comments about -- and reaction to the president's -- with the vice president their proposals on sensible gun control measures announced yesterday at the white house. we'll talk about all of the above and take your calls at 1-866-55-press. you are invited to join us on twitter. we'll take a look at your twitter comments at bpshow or on facebook at facebook.com/billpressshow. helping us through the minefield of issues we're dealing with today. felicia is a political reporter for "the washington post." covering mainly the white house these days. felicia, nice to see you. >> nice to see you. >> bill: thanks for coming in. >> thanks for having me. >> bill: team press with peter ogborn, dan henning phil back wetter the phones, cyprian bowlding keeping us on camera. it's what he has to work with. that's why we brought felicia in. raise the bar a little bit. we know some people, algeria may be the biggest story. for other people, the guns may be the biggest story. for others the debt ceiling may be th

on this side, red on this side.democratsrightnowhittingthedebtceiling, notraising it. so some republicans say it's manageable. on that issue carl mentioned of default, any missed government employees, that would constitute a default. others are say no, no, we're not paying off the debt itself, that's what default is. on another critical issue, could the government prioritize its payments, take the payments, the cash that's coming in and use it to pay a certain number of things? on this side,ed article mrgs is saying no authority to prioritize, and no ability, and the treasury have different payment systems. republicans say yes, and in fact they're working on a bill right now that the government can pay interest on the debt, social security and the defense and military salaries. on the issue of how markets will react, the idea they'll demand higher rates, some saying they'll overlook this gritlock. finally on the economy, as carl mentioned. alan blinder saying this would be a depression rather than the gop saying otherwise tunnel rather effects. let's do what we call the debt c

, is for congress to do what it's supposed to do and needs to do and authorize an increase inthedebtceilingtopay our debts, pay our bills and that's the right way to do it, and, you know, i think that's what will eventually happen, but i don't think that going off in the other direction would be all that helpful. >> hello, chairman, i'm a second year -- [inaudible] >> second question, does the debt ceiling have a practical purpose and could it be eliminated without much consequence. >> does what have? >> the debt ceiling. >> oh, no, it doesn't really have -- symbolic value, i guess, but what -- no other country, i believe, maybe one or two other countries, but i think essentially no other countries in the world have this particular institution, just so everybody understands what it is. the congress appropriates a hundred dollars, tells the government to spend a hundred dollars on whatever, and then it raises $80 in revenue through its tax code. now the math here says, you know, go to the go borrow $20; right? no, congress has a third rule saying 100 minus 80 equals 20. if the congress is

morning, thomas. it is a tricky moment for the president, obviously, as he pushes forwardondebtceilingnegotiations,on the big guns package he released yesterday, and, of course, with immigration. on monday it will all be about the president and the inauguration and the party that will be going on in washington. >> one big difference this year is the fact that the president decided to accept corporate dollars for the inauguration. however, the inaugural committee has said that this will be a toned down celebration as to what was seen in america four years ago. so what can the public truly expect? >> i think we're still going to see a pretty big party. it is a presidential inauguration. it is a whole day long activity starting in the morning and going through until the last of those inaugural balls are finished on monday night. >> what do we know about the amount of people that d.c. is going to be crushed by, and also, the speech, the inauguration's speech, the tone that the president will set. >> well, the president is a guy who thinks a lot about his place in history, his place as pr

that the spending andthedebtceilingandour children and grandchildren and their grandchildren will be paying for the future for all of this. >> stephanie: right. >> caller: why can't we worry that our children and grandchildren right now that they have the freedom to go to a public school and not be shot. >> stephanie: right. >> caller: they are so worried about the future but what about right now. >> stephanie: yeah i love this. [♪ "world news tonight" theme ♪] >> stephanie: the nra hits back attacking firearms and ignoring children is not a solution. >> huh? and then they complain about him talking to children. >> stephanie: attacking firearms and ignoring children is not a solution. only honest gun owners will be affected. >> i repeat the children wrote to him and the brought them there to -- >> stephanie: right. >> so how is that ignoring children? >> stephanie: earlier the white house responded to the new nra ad. the white house press secretary deemed it repugnant and cowardly. >> and stupid. >> stephanie: yeah. stupid on top of it. it's another way of calling him

in the house of representatives. ronald reagan raisedthedebtceilingwhennecessary without complaint, and raised taxes more than once. and reagan was in favor of a ban on assault weapons just like president obama. >> right, and that comment was a way of saying that these are very centrist reforms, really common sense things that most americans agree with. he emphasized that in a few ways and a few times during that time. and i think the framing you're talking about, too, is really important. it is not just guns they're looking at. they're looking at mental health and research, links between violent media. you know, they are looking at more armed school resource officers at schools and providing funding for that. but i think constantly framing it, these are things that just make sense that the majority of americans support. and how can the republicans be so intransigent, not be even willing to discuss or consider any of these measures. >> richard, a month ago we heard the pundits say hand it off to joe biden and you will be involved in a senate committee process and lose all the momen

now. everyone i talk to is saying i'll deal withthedebtceilingwheni get there. actually, if there was a lot on worry there, we wouldn't be going, budding up against 5 1/2 year lows. clearly, people are not paying as much attention to it right now and now we have the gun thing going on out of washington, d.c. so even the people in washington themselves are putting it almost on the back burner for another few weeks. once a week or so, you get an easy statement out of somebody. but i think overall, the market is trading like the market should off the things that matter to the market. the debt ceiling will be a short lift. >> i word when the average person gets engaged again. i wonder how many individuals at home are saying, hon fee, we own some united healthcare. we've been buying it because of obama care and we know everybody is going to be added somehow to be covered. i just don't see that type of interest to -- it's professionals that are trading the market. it's not -- individuals are still not in. >> i agree with you to a point. >> you say something about apple. >> and

-term extension of thenation'sdebtceiling. itmight be brief, authorization the nation's borrowing authority for a couple of months at the republican retreat in williamsburg, virginia right now. the house budget committee chairman, paul ryan, says it might offer a better chance of getting the democratic-controlled senate and white house involved in talks without a deal by march. drastic spending cuts could kick in and the government could face a possible shutdown. there ses to be, kate, a little movement on that. we'll see how far it goes. >> when they all get back. >>> a key part of every u.s. president's swearing in is, of course, the bible that he has placed, that he places his hand on when placing the oath of office. cnn's lisa sylvester had a pretty rare look and was able to actually look and touch the bible. >> touched it yourself. >> i've got to say, this was a pretty cool assignment. >> it's very unique and a really neat part of the inauguration. >> this is something that i learned. the library of congress actually has 1,500 bibles in its collection. and one of those bibles will be u

and more difficult. do you agree a with that? >> that's correct. i really do. i thinkthedebtceilingisa beautiful tool to get the president and congress to agree and to compromise and work things out and to bring down spending. i think that is right. it shouldn't be used to close down the country. that is just another tool, another political compromise in negotiations and it is a beautiful tool for that to bring the two sides together to bring out something that is good for all of us. bill: jerry nadler, a congressman from here in new york. he was the one said it was being used for political blackmail. that is where the comment came from. the debt ceiling has been in place since 1939. you have competing ideas, one on the house, john boehner said we'll raise the debt sealing a dollar for every dollar you cut spending. republicans out of pennsylvania, pat toomey you prioritize the bills you pay for long period of time. weeks and months. make sure the military is taken care of. >> sure. bill: would you back house idea or senate idea or neither? >> i think both are part of the negotiat

thedebtceiling, taxand entitlement reforms in sequestration. according to the treasury department, congress has until mid-february to early march to raise the debt limit. from this morning, this is just under an hour. [applause] >> first senator gregg. >> thank you, marc. i appreciate that. that was quite an introduction. it is free to be here -- great to be here. they have been a wonderful firm to have represent me. it's also a wonderful to be here with kent conrad, who was a close friend, and i am glad his dog made it through so he could be here. he is a deficit hawk. more important than that he is a thoughtful and conscious -- voice of a conscious for the senate throughout his term on fiscal responsibility. we worked together in a very effective way to try to bring some sort of bipartisan effort into the requirement that we do something about the debt. it was really, as was mentioned, an idea that we came up with on a long plane ride i think to central america to put together a commission that then threw into the simpson bowls proposal that has become the defining memo for the

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